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Workflow Management System Market Report by Component (Software, Services), Deployment Type (Cloud-Based, On-Premises), Vertical (BFSI, Healthcare, Energy, Retail, IT and Telecom, Transportation and Logistics, Education, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A3134
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Market Overview 2024-2032:
The global workflow management system market size reached US$ 9.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Size in 2023 | US$ 9.8 Billion |
| Market Forecast in 2032 | US$ 13.0 Billion |
| Market Growth Rate (2024-2032) | 3.1% |
Workforce management (WFM) refers to a collection of tools and processes that enables an organization to monitor and centralize the data for their human resource utilization. It includes various performance-based software and tools to enhance the efficiencies of front-line supervisors, corporate management, managers and workers across the organization. It can perform multiple functions, such as workforce forecast and scheduling, HR management and workforce analysis. It can also create customized workflows that enhance overall productivity and make decision-making more efficient. Owing to this, it finds extensive applications across various industries, including banking, financial services, and insurance (BFSI), healthcare, transportation and logistics, energy, retail and information technology (IT) and telecom.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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The growing need for automation across industries, along with the increasing adoption of cloud-based solutions, represents one of the key factors driving the growth of the market. With an increasing focus on workforce optimization, organizations are extensively employing WFM solutions to manage time and avoid duplication of tasks. Furthermore, cloud-based solutions minimize the requirements for physical hardware, which is also boosting the adoption of these solutions in organizations. The platform also reduces the overall operational costs and enhances the scalability of the infrastructure by providing access to various endpoints. Additionally, increasing penetration of smartphones, along with the prevailing trend of Bring-Your-Own-Devices (BYOD), is also creating a positive impact on the market growth. With the deployment of WFM solutions, the employer can track the progress on tasks at any point of time while providing the employees with secure access to official files. Other factors, including rapid urbanization, especially in developing economies, rising awareness about the benefits of WFM, and extensive research and development (R&D) activities in the field of IT, are expected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global workflow management system market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, deployment type and vertical.
Breakup by Component:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Software
- Services
Breakup by Deployment Type:
- Cloud-Based
- On-Premises
Breakup by Vertical:
- BFSI
- Healthcare
- Energy
- Retail
- IT and Telecom
- Transportation and Logistics
- Education
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Appian Corporation Inc., Bizagi Group Limited, IBM Corporation, Newgen Software Technologies Ltd, Nintex Global Ltd., Oracle Corporation, Pegasystems Inc., Software AG, and Xerox Holdings Corporation.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Component, Deployment Type, Vertical, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Appian Corporation Inc., Bizagi Group Limited, IBM Corporation, Newgen Software Technologies Ltd, Nintex Global Ltd., Oracle Corporation, Pegasystems Inc., Software AG, and Xerox Holdings Corporation |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global workflow management system market was valued at US$ 9.8 Billion in 2023.
We expect the global workflow management system market to exhibit a CAGR of 3.1% during 2024-2032.
The emerging popularity of cloud-based solutions, coupled with the increasing focus towards workforce optimization to manage time and avoid duplication of task for enhanced overall productivity, is primarily driving the global workflow management system market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of remote working model across several organizations resulting in the increasing demand for workflow management system to keep a track on the progress of the tasks, while providing the employees with secure access to official files.
Based on the component, the global workflow management system market can be segmented into software and services. Currently, software holds the majority of the total market share.
Based on the deployment type, the global workflow management system market has been divided into cloud-based and on-premises, where cloud-based deployment currently exhibits a clear dominance in the market.
Based on the vertical, the global workflow management system market can be categorized into BFSI, healthcare, energy, retail, IT and telecom, transportation and logistics, education, and others. Among these, the BFSI sector accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global workflow management system market include Appian Corporation Inc., Bizagi Group Limited, IBM Corporation, Newgen Software Technologies Ltd, Nintex Global Ltd., Oracle Corporation, Pegasystems Inc., Software AG, and Xerox Holdings Corporation.
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